{"id":181642,"date":"2026-04-21T13:00:36","date_gmt":"2026-04-21T17:00:36","guid":{"rendered":"https:\/\/alphastreet.com\/india\/hdfc-asset-management-company-ltd-hdfcamc-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:00:36","modified_gmt":"2026-04-21T17:00:36","slug":"hdfc-asset-management-company-ltd-hdfcamc-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/hdfc-asset-management-company-ltd-hdfcamc-q3-2026-earnings-call-transcript\/","title":{"rendered":"HDFC Asset Management Company Ltd (HDFCAMC) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

HDFC Asset Management Company Ltd (NSE: HDFCAMC) Q3 2026 Earnings Call dated Jan. 14, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Simal Kanuga<\/strong> \u2014 Chief Investor Relations Officer<\/em><\/p>\n

Navneet Munot<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Naozad Sirwalla<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Kushagra Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Gaurav Jani<\/strong> \u2014 Analyst<\/em><\/p>\n

Mohit Mangal<\/strong> \u2014 Analyst<\/em><\/p>\n

Devesh Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Sucrit Patil<\/strong> \u2014 Analyst<\/em><\/p>\n

Dipanjan Ghosh<\/strong> \u2014 Analyst<\/em><\/p>\n

Divij Punjabi<\/strong> \u2014 Analyst<\/em><\/p>\n

Madhukar Ladha<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijeet Sakhare<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Simal Kanuga<\/strong> \u2014 Chief Investor Relations Officer<\/em><\/p>\n

Over to you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Good evening everyone and appreciate you all joining this call. We trust you have had an opportunity to review our presentation. I’ll begin with an overview of the industry. As of 31st December 2025, the total AUM stood at Rupees 80.2 trillion. Equity and equity oriented net new flows continued to see healthy momentum during this quarter, adding another Rs. 1,188 billion for the calendar year 2025. Net inflows into this category added up to Rupees 4,752 billion compared to Rs.<\/p>\n

5,420 billion in 2024. In aggregate, over the past two calendar years, net new flows have exceeded Rupees 10 trillion or approximately USD 115 billion. Systematic investment plans remained a key structural driver for the industry. Monthly Sip inflows reached rupees 310 billion in December 2025, highest levels recorded to date. The SIP asset base increased to Rs. 16.6 trillion, accounting for over 20% of industry AUM and significantly higher proportion of equity and equity oriented AU. For calendar year 2025, total inflows from SIPs amounted to Rs.<\/p>\n

3.3 trillion. Debt funds saw net outflows of rupees 163 billion during the quarter, while liquid funds witnessed net inflows of rupees 147 billion. An additional Rs. 112 billion came in arbitrage funds. Quarter ended December witnessed Rs. 327 billion of net new flows in gold and silver ETFs. This category now contributes to the tune of 18% of industry ETF AUM. We now move to US overall QA AUM crossed Rs. 9 trillion while equity oriented AUM exceeded rupees 6 trillion, resulting in an asset mix with equity at 65.5%.<\/p>\n

The number of unique investors for the industry increased by 6.4 million as compared to December 2024. For us, this increase was 2.8 million taking our total unique investor to 15.4 million. A penetration of 26%. Systematic transactions which includes SIP and STP reached rupees 47.3 billion in December 2025 representing a yoy growth of 24% or an absolute increase of rupees 9.1 billion. Turning to our PMS business, AUM crossed rupees 50 billion during the quarter. We also secured couple of large mandates during the quarter in alternatives.<\/p>\n

We completed the first close of our structured credit fund raising commitments of approximately Rupees 13 billion from institutions, family offices and UHNI investors. Now on to financials. Total revenue for the quarter was Rupees 12332 million. Operating revenue came in at 10743 million. A growth of 15%. YoY other income was Rs. 1589 million. Total expenses were Rupees 2186 million. As a result, operating profit for the quarter was Rs. 8557 million with an operating margin of 36 basis points. Profit after tax stood at Rs.<\/p>\n

7701 million translating into a YoY growth of 20%. So, thank you very much for patient hearing. Navneet Nawzad and I are here to take all questions. We can start building the question queue please. Thank you.<\/p>\n

Simal Kanuga<\/strong> \u2014 Chief Investor Relations Officer<\/em><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.<\/p>\n

Questions and Answers:<\/h2>\n

Kushagra Goel<\/strong><\/p>\n

We’ll take our first question from the line of Kushagra Goel from clsa. Please go ahead.<\/p>\n

Navneet Munot<\/strong><\/p>\n

Hi. Thank you for taking my question and congrats on a good set of numbers. Just had one question. So your operating profit margin that sort of went up by 1 bip or so. So 35 bips went to 36. So just wanted to understand if there was some specific reason. I see your other expenses was materially lower. But just wanted to understand more on that.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

Yeah, hi. Khushagar and Azad here. So, other expenses. You’re right. It’s from a quarter on quarter over quarter basis by a basis point. That’s largely because other expenses were lower for this quarter. Previous quarter we had a Larger expenditure on csr. Also certain marketing, business promotion expenditures slightly more in the previous quarter as compared to this quarter. So that’s.<\/p>\n

Navneet Munot<\/strong><\/p>\n

Got it. Also, just one more question. In terms of your growth momentum, how do you see it going forward? If you could share some guidance or something on that. That’s all, thank you.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

Growth in context of.<\/p>\n

Navneet Munot<\/strong><\/p>\n

In general for the industry. And how do you see HDFC placed if you could?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And how are we placed?<\/p>\n

Navneet Munot<\/strong><\/p>\n

Yeah, like share some thoughts on that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. So you would have seen the latest number on the SIP where they crossed 31,000 crores in the month of December despite the fact that there has been quite a bit of volatility in the market and returns have been muted for last 15, 18 months. But I think the momentum in the SIP book has been continuing. Industry has been adding more number of investors, more number of folios month after month, quarter after quarter. We have been participating very well. There is a slide on our new account addition, our new Investor edition and you can clearly see that we have been participating very well across all channels, across all geographies, across all asset classes and products<\/p>\n

Gaurav Jani<\/strong><\/p>\n

And<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I feel like very optimistic on the overall industry growth for next several years.<\/p>\n

Navneet Munot<\/strong><\/p>\n

Got it. Thank you.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Mohit Mangal from Centrum. Please go ahead.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Yeah, good evening, thanks for the opportunity and congratulations on a, you know, strong set of numbers. My first question is on the PMS and aif. So I think you have put a separate slide on that. So I’ve got three questions within that. So first is basically just wanted to know what is the NDPMS and pmse if you can just separate it. Second is that how big is this EPFO mandate? And thirdly, if you can tell me the growth overall in the PMS and AIF segment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

On the PMS side we have two segments, discretionary and non discretionary. We have been adding accounts and growing on both sides. We have focused on the both sides, all on the EPFO and SPF4 mandate. As you would appreciate, this segment operates with very, very tight economics. It’s very competitive. But these mandates allow us to participate meaningfully in the ecosystem. We build execution capability, we announce our platform and gives us an opportunity to offer that product to many other clients in the same segment and related segment.<\/p>\n

So we see this as a strategic phase where capability building and scale take precedence over immediate margins. From a quarter to quarter perspective.<\/p>\n

Operator<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I think Simil mentioned earlier that we have crossed the 5,000 crore number in terms of a year apart from These two mandates, where I think we are in the process of signing and executing the agreement etc. So they will get executed in some time. But on the team side we have hired senior resources across investments and services that will help us build this business. So PMS on the fixed income side, on equity side, both discretionary and non discretionary, we would like to build that gradually<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Also Question was an alternative<\/p>\n

Unidentified Participant<\/strong><\/p>\n

On the overall alternative. So most of you are aware about the first VCP fund of fund. You might have seen the recent announcement. We announced the first close of our structured credit fund and what humbles us is our partnership with ifc. We are very proud of our partnership with the ifc. They coming as the anchor investors. The fund has declared its first close and has raised cross commitments of about 1290 crores. And another feature of that 1290 crores is that almost 70% has come in from investors who have contributed 25 crores or more.<\/p>\n

So underscoring strong participation from ultra high net worth individuals and institutions in the fund. So we have got institutions, family offices, ultra high net worth individuals participating in that. And IFC as a partner and anchor investors will contribute up to 220 crore rupees to the fund. Our partnership with IFC is rooted in a shared vision of expanding access to financing for mid sized corporates, mid sized enterprises that drive manufacturing output, that drive employment, that drive regional development.<\/p>\n

And this is the first step in what we think will be a long and meaningful journey of working together developing the private credit market on India and overall on the private market side we have been engaging with lot of other global institutions and domestic institutions. The team is working on creating a second fund on private equity and venture capital front. We did that first VCNP fund of funds and large part of that is already committed and we would soon be coming with the second fund. And we’ll be engaging with a few large global institutional clients for that as well.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Understood sir. This is very helpful. So just a one follow up sir. In terms of fields. So how much are discretionary PMS earns? And while how much are non discretionary PMS earns? If you can just throw some light on that.<\/p>\n

Operator<\/strong><\/p>\n

We have not kind of given those deals out.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Okay, understood. Thanks and wish you all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you so much.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Before we take the next question, would like to remind participants to ask a question. Please press star and one on your phone. Next question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Good evening everyone and thank you for the Opportunity. So my first question would be on the asset class yield for the quarter, could you just share those numbers?<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

Yeah, sure. So equity is around 56, 57 basis points. This includes index funds. Debt is 27, 28 basis points and liquid would be 12, 13 basis points. And the blended yield is around 45.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

So blended you said is around 45. 46 basis<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

For the quarter it’s 45. For nine months it’s 46.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Right. So we see that overall the yield number has been decently resilient over the last six quarters. I’m assuming if we remove the passive from the equity, the active would be closer to 58, something around that number. So despite the growth in the aum, we are seeing this resilience. So is there anything to read into this?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You know us well for us scale and quality, profitability, all three are important. And we don’t sacrifice profitability just for market share of for scale. For us that’s very critical. We’ve been able to maintain it very well. And overall operating margins also I think being a tight leash on the cost side, we have been able to maintain operating margins despite of course the telepricing has an impact, but we’ve been trying to kind of like impact through the.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Sorry sir, your audio was not very clear. Can you just repeat the last part please?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’m saying of course there’s an impact of telescoping pricing as market goes up, there would be impact on the fund level or overall asset class level margins. But the overall operating margins we have been able to maintain well with titration cost.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

So that is exactly what I wanted to understand, that the impact of telescopic pricing has not been visible. So what is that we are doing to offset that impact or what is leading to that impact not being visible? And how do you see the trajectory going forward? We think this yield will remain steady at this level. So we are expecting that for a 10, 20, 10 12% growth in AUM there will be some decline in the yield,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No? So on the equity margins, I mean I mentioned that some degree of compression is inevitable over time because you have a sliding scale structure of tr, so which naturally leads to lower expense ratio as the AUM scales. So we’re conscious of this dynamic and therefore make this reality into our pricing decision on the incremental and the new flows. So they constantly keep getting adjusted on the new flows and now new flows are also becoming sizable. So a couple of years they also make an impact.<\/p>\n

But as I mentioned earlier that despite the impact of telescoping pricing. So far we have managed to keep our margins in the 33 to 36 basis point range. That reflects like disciplined cost management as well as the operating leverage. And you ask like going forward. So we continue to work hard to maintain margins within this band. We recognize that this is easier said than done, but I’ve mentioned this earlier that margins are only one way of looking at the business. We keep a close watch on that.<\/p>\n

But the real focus has to be on growing absolute profits in a sustainable way. And as long as profits continue to compound, I mean we are comfortable with how the business is evolving.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Right. And sir, what is the impact of the two regulatory changes that are expected to go live from 1st of April? One is what is the gross impact and how do you see how this will be passed on?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, Nivest. So what has changed? Firstly, removal of 5 basis point of additional TER which AMCs were allowed to charge in lieu of exit load. So exit load since 2012 was going to the books of the fund. Once the new regulations come in play, this is gone. The impact for the industry as a whole is definitely material. So active equity oriented mutual fund industry is at rupees 44 trillion and five basis points on that comes to about 2,200. So to put numbers in context for FY25, total operating profit of the industry as a whole was around 16,000 crores.<\/p>\n

So this is definitely material. Second, change in the expense ratio construct. So rather than all statutory levies which are inbuilt in as part of the ter, now we have base TER plus statutory levies. So methodology or for that matter accounting has changed. The slabs have been accordingly readjusted, realigned. You would have seen the new slab table. The smaller schemes will benefit to an extent because of this change and will largely set off the loss due to 5 basis point deduction which I spoke about earlier.<\/p>\n

Lastly, third thing is the rationalization of brokerage limits what we pay on our transactions. So this is in reference to brokerage, we pay to buy and sell securities. So brokerage for cash market transactions is now reduced to 6 basis points from the cap of 12 basis point earlier. But this 6 now excludes levies. So comparable number to 12 is now 8.5 basis point odd. So between the first and the second point that is the 5 basis point and G, GST etc. Few of our larger schemes will see an impact that is reduction in TER.<\/p>\n

Smaller schemes less affected as TER reduction due to this 5 basis points going away is largely offset by redefined slabs Larger schemes definitely are getting impacted. Actually you will be surprised Divesh that many of the smaller schemes will see increase. So we are evaluating the way forward with an objective to contain the financial impact if any. All I can say is that you have a precedence on how we handle the same in 2019. We understand the sensitivity and will optimize to the finest in terms of impact on margins.<\/p>\n

The positive side of this change if I can highlight one is reduced TR and hence even better alpha so clearly in favor of larger size funds. I mentioned this several times earlier that the larger funds because of the telescoping pricing charge lower TR and the alpha keeps getting baked in the long term positive impact of this in my opinion is not as well understood. So I mean I can say classical bitter pill theory long term good for the alpha. So my investment team is smiling for sure. The positive aspect is that regulator and industry is always focused on enhancing transparency.<\/p>\n

Another step forward where one knows what’s the fees and what’s the statutory levies. To sum it on up we’ll work on managing financial impact and on the other hand further optimize alpha for our investors.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

Right sir. Yeah absolutely sir. And one final one sir, what are the plans for the schemes that were managed by Roshi? I know currently those have been allocated within the team so that is how it’s going to be or we are looking to hire what exactly are the plans?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I mean you have heard the change in the fund manager for and so I mean you would also know Amankal Kundrikar who joined us few months back. He was with us for over 15 years, left us for few years and has come back as senior fund manager. I think is managing almost like 40,000 crores or so across view fund maybe Let me take this opportunity to talk about the the overall investment team Devesh if you allow me I’m sure many of you would agree because several of you also interact with all of my colleagues on the investment side that we are one of the most experienced investment team in the industry and not only experienced but an enviable long term track record across market cycles.<\/p>\n

All of them have seen multiple market cycles and have done well. So on the equity side we have head of equities and senior fund managers who manage the diversified funds. Least experienced among these would be like 20, 21 years of industry experience and over and above we have a team of analysts, several of them are designated fund managers for their respective sectoral and thematic funds. Clearly like among the most experienced team in the industry industry we take Deep pride in them. Some of them have started managing more diversified mandates.<\/p>\n

You are aware like Anand Ladha has been managing our value fund. So I think a firm that has been around for 25 years, we have seen transitions in the past and our view is that we have handled the same extremely well. We continue to expand our team and remain like very confident.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

All right, thank you so much and all the very best.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Next question is from the line of Sukrit Deep Atil from Eyesight Fin Trade. Please go ahead.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Good evening to the team. I have two questions. My first question is to Mr. First of all, congratulations on the quarter with HDFC AMC’s strong brand and evolving investor. How do you see the next two, three years shaping up in terms of product innovation and investor engagement. Especially as. Passive flow rises and digital platforms reshape the distribution. What should the stakeholders expect as the defining theme from your leadership in this space? Yes sir, thank you. That’s my first question.<\/p>\n

I’ll ask my second question after this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So first question is on the overall product pipeline. So if we look at our product portfolio I think it’s largely complete across the key categories. Whether you look at active equity, fixed income, money market, both on the active side, passive side, we are more or less complete. From time to time we may look at select sectoral or thematic funds but only where the investment team has strong control, conviction and sees a clear opportunity. And these launches are likely to be like few and far between.<\/p>\n

But otherwise I think we have a best in class product portfolio with long term track record and we continue to focus on like all of them. And if we’re talking about the overall platform then apart from the mutual fund we continue to enhance our PMS AIF International GiftCity offering because these platforms allow us to address a wider range of client requirement. So I think the overall approach is to deepen and strengthen what we already have and add selectively where it genuinely makes sense. Your second question was on.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Hello.<\/p>\n

Kushagra Goel<\/strong><\/p>\n

Yes.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

Yeah, yeah. So my second, second question is to Mr. Nausar on the financial side beyond margins, how are you thinking about capital efficiency in this space? Balancing shareholders returns or any tech investment or any cost structure discipline in place? Do you see the scope for a shift in deployment, deployment priorities as digital adoption, digital adoption accelerate? Yeah. Thank you.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

From a deployment of capital towards digital, I think that’s an ongoing process. We continue to invest in technology and digital platforms over the years that’s already baked in whether it’s in the form of certain CapEx or largely through the OpEx so that doesn’t really change from the balance sheet utilization of cash if that’s what your question is to our dividend policy sort of our dividend payout for last two years have been almost close to the entire post tax cash profits that we generate as a business we have paid out.<\/p>\n

That’s what the board has done for the last two financial years. We have also used capital to good effect to seed our alternate platforms. So we are a material investor in our alternatives fund of fund that we launched a couple of years ago. You would have probably read and we discussed in the credit fund that we have just announced the first close again the asset management company has meaningfully committed around 14% of the corpus is committed by the balance sheet of the asset management company.<\/p>\n

So we will use the balance sheet judiciously for for seeding businesses and the third option of strategic acquisition stroke, any kind of enhancement always is on the table. We do have a look at a lot of transactions that happen in the market. So whenever the time and the pricing and business works out for us, we look at that as well.<\/p>\n

Sucrit Patil<\/strong><\/p>\n

I think that’s good guidance from your part and best of luck for next quarter. Thank you.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Next question is from the line of Dipanchan Ghosh from Citi. Please go ahead.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi, good evening everyone. So just few questions. One you kind of articulated on your investment management bandwidth but let’s say since the time you know this news regarding Rauchi exiting some of the company and some of the funds kind of being a transitioning phase has been floating around, let us say over the last two, three months in terms of flows into this particular funds. If you can give some granular understanding of how the trajectory has been and also in terms of your communication to the distributor or interactions with the distributor, has there been any back and forth in terms of customer interactions or some negative sentiment floating around?<\/p>\n

My second question, you know you mentioned that on the MF circular you will be kind of following a similar practice to that of 2019 and to the finest possibility. You will be trying to mitigate most of the impact. But you know, internally have you kind of deliberated what can be, let’s say the worst case scenario despite all the mitigants and whether you’re confident or let’s mitigate the entirety like you did in 2019. And the third and last question is on the alternates business, obviously you have launched a few funds over the last two or three quarters.<\/p>\n

If I were to take a more of a long term view, let’s say over the Next three to five years. What sort of AUM or revenue mix do you really aspire from this segment? Yeah, so those were my three questions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So first on the, on the one fund manager, if I can really appreciate, I mean we have been around for 25 years and we have seen transitions in the past and I think we have handled it extremely well. You would give us the credit. I mean we had a legendary cio, have been and will always remain in deep gratitude to him for what he has built and what he has done. But at the same time the strategies that were managed by him, some of them are the ones which have seen the highest growth at our end in last couple of years.<\/p>\n

And the overall team’s experience, the pedigree, the overall quality of our research, the quality of our risk management, governance, long term orientation, fundamental research and all of that don’t have to, I don’t have to overemphasize on that. So we do everything in our power to retain talent across the organization and not just in the investment team. But we have handled few transitions here and there very well and we remain very, very confident. I also mentioned about like, I mean one of the fund manager who was with us for 15 years left us and has come back.<\/p>\n

You will see like, you will hear some of the, I mean some of the funds getting managed by fund managers who are, I mean the current analyst who are managing sector and thematic funds, increasingly managing diversified equity funds because they have handled size for a couple of years. And we continue to remain on the lookout for at any point in time we see a differentiated skill set who fits in nicely within the culture that we have, within the team that we have and the setup we have. We would continue to build our investment team and we’ll share more on this as we, as we go ahead.<\/p>\n

Your second question was on tr<\/p>\n

Operator<\/strong><\/p>\n

How do we optimize it?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I mentioned earlier that I mean 2019 is a classic example. You can go back and see the playbook, how we handle the same. We understand the essential sensitivity around it and we will optimize that in terms of impact on the margins.<\/p>\n

Operator<\/strong><\/p>\n

Also I think Deepanjan, if you look at versus 2019, the magnitude this time is much smaller. That time we had an impact of nearly 25 odd basis points and what Navneet touched upon earlier this time there is a 5 basis. Some of the smaller schemes are seeing realignment of expenses and thereby the kind of reduction out there is virtually very, very small or in some cases even zero. So I think net net this time in terms of prudently managing, we think. We’Ll be able to handle it well<\/p>\n

Unidentified Participant<\/strong><\/p>\n

On your third part on the alternatives, etc. So it would be pertinent for me to state that the core business itself, where we have done reasonably well over time, that continues to grow and we’ll put in all the effort, time, money, everything for that to see continued growth across equity and that across active and passive. But beyond our mutual fund business, we do have our eyes well set on whether it’s pms, whether it’s alternatives, whether it’s international business. We have taken meaningful steps over the last couple of years to build these businesses, I mean building their very, very solid foundation brick by brick.<\/p>\n

But you would appreciate like, I mean we have grown our business with a sharp focus on quality, scale and profitability. So even beyond our mutual fund business, whatever we are doing, we intend to replicate this approach. So in pms, alternative international build meaningful, high quality and profitable platform that strengthen the overall franchise over the long run.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Got it. Thanks everyone and all the best.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you ladies and gentlemen. To ask a question, please press star N1 on your phone. We’ll take our next question from the line of Divish Punjabi from Banyan Tree Advisors. Please go ahead.<\/p>\n

Divij Punjabi<\/strong><\/p>\n

Yeah, hi, thanks for the opportunity. I just had one question. So on the passive segment we’ve been seeing good growth momentum. So can you talk about the underlying factors that are leading to this from the investor’s point of view.<\/p>\n

Operator<\/strong><\/p>\n

What is leading to growth? What is leading to growth momentum from underlying investors First,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I mean a large part of of that growth is from some of the institutional mandates. As you are aware that EPFO and some of the other pension and provident funds have been investing into some of the ETFs and of course the exempted funds also invest in those funds. Then you have some of the insurance companies participating in couple of products and recently we have seen seen a significant growth in gold and silver ETF and fund of fund. So some of these are the categories we have been a pioneer on the index fund side, we were one of the first one to launch those products and they’ve grown meaningfully.<\/p>\n

In fact I mentioned this earlier that on the equity index fund our market share on the passive side is higher than what we have on the active side. And then again the value of the brand franchise distribution, all of that really matters. And of course investment performance, there is more about the tracking error than the alpha. So there is difference among some of the customers and advisors for mirroring the market. And we have very comprehensive Product portfolio and a full setup to make the most of it.<\/p>\n

And I’ve always mentioned that our idea is that wherever investors and our partners want to participate in the market, be it on the active side or on the passive side, and I’ve spoken a bit about alternatives, I mean we are like fully ready. For us the core strength that we have as an organization is our investment management capability, our risk management capability and our product management capability. And we continue to sharpen that. And whether an investor comes through any route, I think we have the best in class product offering for everyone.<\/p>\n

Divij Punjabi<\/strong><\/p>\n

Sure. And from a medium term perspective, any insight on where we see this going? Like currently it’s around 10% of the NUI mix for maybe three to five year perspective. Where do we see this going.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

A. Couple of times, I don’t know on this call or maybe in some other forums. I have given parallels between the asset management industry growth in US from 80s onwards and what we are seeing in India over the last couple of years. I think over the next several years we are going to see significant growth in asset management. So formalization of the economy, digitalization of the economy, financialization of savings, financialization of assets, all of these are like structural trends. And over a period of time we’ll see like newer asset classes, emerging people investing one like mutual funds which has been like time tested, beautiful product with a track record.<\/p>\n

Some of the fundamentals houses like ours have a track record going back 30 years. Some of the investors may like to participate through passive. Within that, either the index Fund or the ETFs, we are seeing some of the other asset classes, whether it’s REITs, Invids, private markets. I talked about our plans on the alternative side to participate in the private markets. Almost all the segments are likely to grow and you can see from 80s onwards how several of these segments have grown in US. And maybe I think in terms of the size of the economy, size of the market, structure of the market, several of those are like very similar and I think credit to our regulators who have been very pragmatic and have been deeply focused on investor education and investor protection.<\/p>\n

I think they continue to do good job on that. There is significant growth potential on all segments. So people ask me like active versus passive, how this will grow. And I say I think, I hope that in my lifetime I don’t have to answer that question. In my lifetime it will remain active and passive rather than active versus passive.<\/p>\n

Divij Punjabi<\/strong><\/p>\n

Sure. Thank you.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Take a next question from the line of Madhukar Ladha from JP Morgan Please go ahead.<\/p>\n

Madhukar Ladha<\/strong><\/p>\n

Hi, good evening. Congratulations on a good set of numbers and most of my questions have been answered. Just wanted to understand, did you disclose the asset class wise yield this time around as a data keeping question? I wanted that and it would be fair to assume that given this changes in the whole TER calculation system and the 15 basis points reduction and excluding the statutory levies, especially on that change, would we be able to sort of. Would that be a neutral to our pnl, especially on, on that specific change or.<\/p>\n

My, my sense is that it would, it should largely be neutral but just, I wanted to just confirm that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So Madhukur, repeating again that I explained in detail that larger schemes definitely are getting impacted and also mention that you’ll be surprised that many of the smaller schemes will see increased. Dr. At our end I’ve said that while the reduced Dr. Means higher alpha and particularly for the larger size funds and there is a long term positive implication of that. But on the other side, whatever little impact of the reduction on account of exit load or the expense ratio construct is there, we will optimize it to ensure that we remain highly focused on the profitability.<\/p>\n

Madhukar Ladha<\/strong><\/p>\n

So if we were just to look at the, you know, if we were to exclude the exit load construct and only look at this reduced er, so of that also we would see a little bit of a negative impact. Is what is, is that what you’re saying? And then obviously we would take compensating steps.<\/p>\n

Operator<\/strong><\/p>\n

It would be both ways, right? Something some of the schemes positive impact. Some of the schemes there will be negative impact. So as Navneet touched upon earlier, we’ll optimize on both sides and make it sure that the net margins that we speak of remain within the acceptable band.<\/p>\n

Madhukar Ladha<\/strong><\/p>\n

Understood? Understood. And asset class by zield. Sorry I joined a little late, I may have missed that earlier. Yeah,<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

Madhukar, we did give that earlier but I’ll repeat it for your benefit. So, equity Yield came at 56, 57 basis points. It includes index funds. Debt yields were between 27 and 28 basis points and liquid between 12 and 13 basis points.<\/p>\n

Madhukar Ladha<\/strong><\/p>\n

Got it. Thanks and all the best.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Next question is from the line of Gaurav Jani from Prabhu Dasliladhar. Please go ahead.<\/p>\n

Gaurav Jani<\/strong><\/p>\n

Thank you and congratulations on a strong quarter. Two questions. One is, I don’t know if you’ve laid this out, is there a new ESOP issuance? And can you just elaborate as to then what is the ESOP cost? That will look like.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

The question is on ESOP cost. Right.<\/p>\n

Gaurav Jani<\/strong><\/p>\n

That’s correct, sir.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

So I’ve given it out in the previous calls as well. So for the non cash expense account of ESOPs for the full year would be about 68 crores. For the first nine months is about 47 crores.<\/p>\n

Gaurav Jani<\/strong><\/p>\n

So. So that doesn’t change, right? I mean whatever estimates you are given that that doesn’t change. There’s not a new ESOP issuance. Right.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

So in people. So what? So the material ESOP issuance happened last year. But as and when you know, additional resources and people join us, we’ll have small incremental issue. And this today also we announced a small issuance. So that’s an ongoing process that will continue. But that will not change this expense estimates we’ve given out previous quarter. Very materially.<\/p>\n

Gaurav Jani<\/strong><\/p>\n

Understood, thanks. And secondly sir, Navneet, sir, to you, you did mention of you know the 5 basis point impact on the overall AMC profits. Just wanted to kind of, you know, have your opinion as to how are we thinking in terms of passing that on and you know, what is the dialogue with distributors.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Do you think? How are we looking at doing it?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No. It will depend on the size of the scheme and of course wherever there was an additional tr. I mean additional charge of that exit load, it is not the overall impact of. Of 5 basis point on the AMC profitability. I gave that. I mean. In detail. I explained that in detail earlier.<\/p>\n

Naozad Sirwalla<\/strong><\/p>\n

Yeah, so it’s not. I think you said the impact is for us is five basis points. That’s not what now has said. No, no,<\/p>\n

Gaurav Jani<\/strong><\/p>\n

No. I didn’t understand. I do. I do understand that. I was just trying to gauge us towards the dialogue with distributors. Students. Can there be some pass through or not?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I mentioned it a couple of times that we will try to optimize and maintain our profitability.<\/p>\n

Gaurav Jani<\/strong><\/p>\n

Sure sir. That is it for.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you ladies and gentlemen. To ask a question, please press RN1 on your phone. Take our next question from the line of Abhijit Sakhre from Kotak. Please go ahead.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Hi, good evening everyone. I just have one slightly hypothetical question. Would you say that it’s easier to cut commissions in better performing funds generally rather than throughout most of the funds? I mean just over the cycle. If one has to understand, you know, how easy it is to pass on some of these regulatory impacts or just the initiatives to protect profitability better?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I mean we always try to make it win, win for everyone. I mean whether for our investors, for our distributors and for our profit. I mean for us. And we have demonstrated that over a long Period of time. You’ve watched us over the years and we’ll continue to do a good job hopefully on that.<\/p>\n

Abhijeet Sakhare<\/strong><\/p>\n

Okay, got it. Thank you so much.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Next question is from the line of Madhukar Lada from JP Morgan. Please go ahead.<\/p>\n

Madhukar Ladha<\/strong><\/p>\n

Hi, thank you for taking the follow up. I wanted to get a sense of. What has been the ramp up from the HDFC bank channel and you know, any update on how this channel could contribute even more to aum.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So firstly, as you all know and I think SDFC bank has been vocal about the fact that bank has been and will continue to be an open architecture. Whether we like it or not or whether this is the right thing to do or what other competitors are doing, this is a given. Of course there is a positive rub off with them being our parent and same brand. So not only from customer perspective but even from relationship manager perspective there is higher comfort in offering HDFC mutual fund product which is visible in our market share in their aum.<\/p>\n

So in equity AUM our overall market share at the industry level is 13%. But if you look at what SDFC bank has sold in that it is somewhere in the late 20s. Also this whole open architecture leads to material so called event based or seasonal challenges. So for example, in a particular quarter when some of our peers have large NFOs or and our parent bank participated participates actively, it impacts our flow market share in that particular quarter. But the team has constantly been working on furthering our ties and offering best in class products.<\/p>\n

SIP in particular continues to be an important area of focus for us and even for this relationship, I mean, I mean SDFC Bank, SDFC AMC relationship. So our share of SIP flows through the SDFC bank channel channel is meaningfully higher than our overall book share with the bank. That reflects the emphasis on long term investing and the quality of customer engagement coming through this channel. So this in my opinion will lead to increased AUM market share over time because the SIP buildup will only show over a period of time.<\/p>\n

But this aligns very well with our long term objective. So bank continues to be very important distribution partners for us. It is a behemoth and given our relationship, we work with the bank very closely and at multiple levels and we’ll continue to further our share with them. I mentioned in last couple of quarters we have built a dedicated team internally that works only on this channel and there’s a lot of, I would say interaction between our digital team and Bank’s digital team, the marketing team, so on and so forth.<\/p>\n

Apart from the sales Channel. So the whole objective of deepening engagement and expanding the relationship in a consistent sustainable manner. I should also mention that our relationship with SDS securities on that that Dheeraj and team are working closely with us on various initiatives. So as a result our share of flows through SDFC securities is higher than our AUM share reflecting the traction that we are gaining. But overall yeah there has been increased engagement and bank is a distribution powerhouse and with the brand familiarity and the relationship period of time it will reflect in the numbers but we are happy with the SIP build up.<\/p>\n

Madhukar Ladha<\/strong><\/p>\n

Great, great. Congratulations and all the best.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you. Next question is from the line of Mohit Mangal from Centrum. Please go ahead.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Yeah, yeah, thanks for the follow up. So actually I was looking at the last 10-11-4 market share and you know we have been quite stable in equity as well as debt but liquid we have kind of, you know kind of lost the ground from 13, 13.5% to around 11 odd percent. So just wanted to know your thoughts as to how we can increase the market share in that segment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I think it gets impacted by few of the large corporate investors or institutions. Kind of like any large movement of one client versus the other with one fund house versus the other. But I don’t read much into that otherwise because sometimes I mean share may look lower because some client where we are capped out in terms of total amount as per their internal policy have invested further amount and that amount hasn’t come to us. And you can also see a reverse happening in another quarter where some of the large institutions has increased allocation to us.<\/p>\n

But the overall institution team is on the ball and are focused on getting the maximum allocation. I can also share that we have hired a senior person recently who has now been made responsible for Pan India institution business apart from some of the other emerging channels that we are selling.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Okay, understood. Secondly again on the distribution channel so we are seeing basically a direct, you know, the share increasing within the equity. So like, like you have been telling over the last few calls that Fintech has a major role to play. So I think, I think that story continues.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah. So I think Fintechs have been growing quite rapidly over the last couple of years and become a vital distribution channel for the mutual fund industry. They have played a very big role in expanding the reach and accessibility. In fact Fintech as a group have registered 25 million SIPs in the nine months of the current financial year gone by.<\/p>\n

Devesh Agarwal<\/strong><\/p>\n

And<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We have successfully built a strong presence on leading platforms securing a notable share both in new flows as well as SIP registrations. We share a very good relationship with all the larger ones and of course some of the emerging ones. Right. Yeah,<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Yeah, yeah. Understood. Thanks and wish you all the best.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you ladies and gentlemen. That was the last question for today. I would now like to hand this call over to Mr. Navneet Munod for closing comments. Over to you sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. So to wrap up our total assets crossed rupees nine trillion with equity assets exceeding rupees six trillion we now serve over 15 million unique investors with a penetration of 26%. Reflecting the breadth of our franchise objective at SDFC. MC remains clear to be a one stop partner for investors across mutual funds, PMS, AIFs and international offerings. Thank you for your time today and wish you a happy Makatanti.<\/p>\n

Simal Kanuga<\/strong><\/p>\n

Thank you sir. On behalf of HDFC Asset Management Co. Ltd. That concludes this conference. Thank you for joining us and you may now disconnect<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. HDFC Asset Management Company Ltd (NSE: HDFCAMC) Q3 2026 Earnings Call dated Jan. 14, 2026 Corporate Participants: Simal Kanuga \u2014 Chief Investor Relations Officer Navneet Munot \u2014 Managing Director and Chief Executive Officer Naozad Sirwalla […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181642,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":126615,"url":"https:\/\/alphastreet.com\/india\/key-highlights-from-hdfc-asset-management-company-hdfcamc-q3-fy22-earnings-results\/","url_meta":{"origin":181642,"position":1},"title":"Key highlights from HDFC Asset Management Company (HDFCAMC) Q3 FY22 earnings results","author":"Nishad","date":"January 24, 2022","format":false,"excerpt":"HDFC Asset Management Company (NSE: HDFCAMC) reported its third-quarter financial results for the period ended Dec 31, 2021. 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Revenue from operations\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/HDFC-Asset-Management-Company-LtdQ222.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/HDFC-Asset-Management-Company-LtdQ222.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/HDFC-Asset-Management-Company-LtdQ222.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/HDFC-Asset-Management-Company-LtdQ222.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/HDFC-Asset-Management-Company-LtdQ222.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":124269,"url":"https:\/\/alphastreet.com\/india\/key-highlights-from-hdfc-asset-management-company-hdfcamc-q1-fy22-earnings-results\/","url_meta":{"origin":181642,"position":4},"title":"Key highlights from HDFC Asset Management Company (HDFCAMC) Q1 FY22 earnings results","author":"Staff Correspondent","date":"July 19, 2021","format":false,"excerpt":"HDFC Asset Management Company (NSE: HDFCAMC) reported its first quarter financial results for the period ended June 30, 2021. Profit for the first quarter was \u20b9345.45 crore, or \u20b916.19 per share, compared to profit of \u20b9302.36 crore or \u20b914.17 per share in the first quarter of 2021. Revenue from operations\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"HDFC AMC net profit for the Quarter ended June 30, 2021 is \u20b9 3,454 million, an increase of 14% over June 30, 2020.","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/07\/HDFC-Asset-Management-Company-Q1-FY22-Results.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/07\/HDFC-Asset-Management-Company-Q1-FY22-Results.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/07\/HDFC-Asset-Management-Company-Q1-FY22-Results.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/07\/HDFC-Asset-Management-Company-Q1-FY22-Results.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/07\/HDFC-Asset-Management-Company-Q1-FY22-Results.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":144176,"url":"https:\/\/alphastreet.com\/india\/hdfc-asset-management-company-ltd-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":181642,"position":5},"title":"HDFC Asset Management Company Ltd Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"April 26, 2023","format":false,"excerpt":"https:\/\/youtu.be\/2biP1TjQN10 Key highlights from HDFC Asset Management Company Ltd (HDFCAMC) Q4 FY23 Earnings Concall Q&A Highlights: [00:08:10] Swarnab Mukherjee with B&K Securities asked if the slight compression in yield for the first 9 months was due to product mix, debt mutual fund related taxes, or flows into the balance advantage\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181642"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}